Blog Post List - template help

Hi guys - I'm trying to figure out if it's possible to configure a template for the Blog Posts widget to look like the example below, where the latest 3 posts include the summary and image, and the remaining posts are just a list of links. I considered trying to do this with two widgets with separate templates, but I couldn't figure out how to offset the index of the second list.

Latest News
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Latest Headline #1
| image |   Lorem ipsum summary... read more >
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Latest Headline #2
| image |   Lorem ipsum summary... read more >
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Latest Headline #3
| image |   Lorem ipsum summary... read more >
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- Headline #4 Link
- Headline #5 Link
- Headline #6 Link
- Headline #7 Link
- Headline #8 Link
- Headline #9 Link
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I was also hoping to try and do auto-generated summaries (ie truncated first paragraph) if no summary is supplied - is that possible too?